FRANKFURT (Standard&Poor's) Aug. 14, 2003--Standard&Poor's Ratings Services said today that Munich-based Allianz AG's (AZAG; AA-/Negative/A-1+) first-half 2003 net earnings are broadly in line with expectations and do not in themselves affect the ratings and outlook on the company and related entities. The current ratings are based on Standard&Poor's expectations, which are: a non-life combined ratio below 100% at year-end 2003, particularly in the U.S.; and for the group's industrial lines portfolio, including further improvement in the non-life technical performance in France to a combined ratio of around 103%. A stringent review of business lines and product design, particularly on the life side, with the aim to improve profitability and reduce the group's exposure to
